Euroclear Bank has teamed up with Banksys, SWIFT and The Bank of New York in a training initiative called TransConstellation. It aims, says Euroclear, to “strengthen Belgium as a centre of excellence in financial transaction processing.”
All four organisation are, of course, engaged in financial transaction processing in and around Brussels. Having competed against each other for labour, they are now founding a TransConstellation Academy which will use the Solvay Business School to train people in the skills and knowledge they need for a successful career in transaction processing.
Scheduled to start in February 2004, the TransConstellation Academy will offer a certificate programme in ‘FinancialTransaction Services’. Participants in the first year have been selected from the four founding member-firms of TransConstellation, to ensure their skills stay with them. But the intention is to open the Academy in its second year to employees of other financial institutions and interested parties, such as custodian banks, consultants, and IT service providers.
“Together, we intend to fully unlock the value of the financial transaction processing constellation that is operating in Belgium,” says Ignace R. Combes, the Euroclear executive who is serving as the TransConstellation chairman. “We strongly believe that TransConstellation Academy will quickly demonstrate its unique value, not only in sharing knowledge and building specialist skills, but in contributing to Belgium’s leadership in the transaction processing business.”
Approximately 30 students will be enrolled in the programme, organised into four weekly modules held at different venues and times during the year. The course will be taught by the Solvay Business School’s faculty, international academics from other universities (including some outside Belgium) and experts in the field (including executives from the founding companies). The course curriculum will cover, among other items, strategic leadership, governance and regulatory issues, value innovation, business continuity, risk management, project management, resource planning and business process re-engineering.
The Solvay Business School was selected on an open-tender and review process. It has appointed Paul Verdin and Mathias Schmit as Programme Co-directors to work with a Programme Co-ordinator who will be dedicated to TransConstellation Academy. A steering committee consisting of TransConstellation members, academics and others will review the curriculum regularly to assess its relevance, timeliness and depth.
TransConstellation is a not-for-profit initiative.